Public Liability Insurance
Although it isn’t required by law, public liability should be the first area in mind when seeking insurance coverage. Insurance providers that understand the sector should, within this broad ranging policy, provide coverage for any injury suffered by a client or member of the public and damage to property, including after the work has been completed. Policies may also cover incidents involving subcontractors and include legal costs as well as any relevant compensation.
Employers’ Liability Insurance
If, as a business, you have anyone under your employment, whether it be a full-time employee, an apprentice or anything in between, you are required by law to provide a minimum coverage of employers’ liability insurance. Businesses that do not have such insurance face strict punishment by the law (up to £2,500 a day) and are likely to find themselves financially bankrupt by legal action by a claimant should an event occur. This policy covers businesses for any injury experienced by an employee while working or travelling under your employment.
Tools & Equipment Cover
No matter the skills and knowledge an electrician possesses, there is little they can do if they have no equipment to do the job. Depending on the business, some equipment, and indeed materials, are of very high value. Therefore, any loss, whether it be by accident or theft, can be catastrophic. By ensuring that equipment is covered by insurance, loss of the value of said tools, as well as work lost while they are replaced, can be mitigated with a well-constructed equipment insurance policy.
The materials required to do the job means that electricians require some form of transport in order to function. Without a van, it simply isn’t viable to get to and from projects, particularly if they are large in scale. What’s more, larger businesses that own multiple vehicles can be at risk for major losses if a site is targeted by thieves or vandals. Commercial vehicle insurance can be constructed to cover a variety of insurance events and help a business get back to work with a minimum of fuss.